Sensex shoots up 213 points, nears 30,000 mark

RSTV Bureau

sensex-up-400x265After three straight days of incurring losses, on Tuesday the Sensex jumped 213 points to close at 29,788.

Investor optimism about March quarter earnings, and the upcoming industrial production (IIP) numbers for February and the CPI inflation figures for March, pushed the markets up.

Investors are also looking forward to favourable quarterly results from Infosys, which is due on Thursday.

Sectoral indices such as FMCG, capital goods, PSU, realty and banking were in the lead, giving sentiment a lift.

Sensex resumed higher before ending at 29,788.35, a recovery of 212.61 points, or 0.72 per cent. The 30-share index had lost 398.50 points in the previous three sessions.

The NSE Nifty again crossed the 9,200-mark to hit a high of 9,242.70 and settled 55.55 points, or 0.61 per cent, higher at 9,237.

“The rupee reversing some of its losses and approaching Infy Q4 results propped up IT stocks. Banks continue to look forward to NPA resolution measures shortly, and the strength was visible today. India’s IIP and CPI release tomorrow will keep market interested, but may not make a strong move until Q4 numbers start flowing in,” said Anand James, Chief Market Strategist, Geojit Financial Services.

Hopes of good show by IT major Infosys for the March quarter helped. The stock recovered 1.49 per cent.

ICICI Bank, SBI, L&T, Wipro, Bharti Airtel and Asian Paints all added to the broad momentum.

The BSE FMCG index surged 1.56 per cent whereas ITC soared 3.16 per cent. Other sectoral indices did not disappoint as capital goods rose 1.48 per cent, PSU 1.45 per cent and realty 1.29 per cent.

Small-cap and mid-cap indices firmed up by 1.01 per cent and 0.39 per cent, respectively.

The rupee too recovered some of the lost ground after taking a battering overnight, advancing 6 paise to 64.50 against the US dollar amid mild selling of the American currency by exporters.

(With inputs from PTI)